Economic History of the U.S.

Economic History of the U.S. Order Description John Maynard Keynes famously wrote, “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.” Coming out of the Great Depression, John Maynard Keynes and Frederick Hayek developed very different understandings of what constituted effective and appropriate economic policy. In this essay you should compare their philosophies and explain the impact of their intellectual influence on post- WWII macroeconomic policy.